The global pump jack market is expected to grow from an estimated $2.86 billion in 2017 to $3.63 billion by 2022, at a CAGR of 4.88% from 2017 to 2022. The market in North America is estimated to be the largest market for pump jack, followed by the market in Asia-Pacific. The North American market is also projected to be the fastest growing market during the forecast period.
Increasing onshore maturing oil fields are driving the pump jack market. Large number of stripper wells in North America along with improving crude oil production from these mature wells, have been a subject of focus around major oil producing regions, owing to oil price downturn. Low oil prices in the past couple of years has made it even more difficult to maintain low production mature reserves, driving companies to accelerate pump jack plans for such oil fields.
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Vertical well is the largest segment of the pump jack market
The pump jack market has been segmented by well type, weight, application, and region. The market has been further segmented, by well type, into vertical well and horizontal well. The vertical well segment accounted for the largest share of the market in 2016, and is also projected to grow at the fastest pace during the forecast period. Vertical well involves the safe production or exploration wells and is one of the biggest and most critical activities in any drilling project. Pump jacks are highly suitable for vertical wells as they include a sucker rod assembly that functions efficiently in a vertical trajectory. The market for vertical well is estimated to grow at the fastest pace among both the well types.
North America is expected to be the fastest growing pump jack market
The North America is projected to be the fastest growing market during 2017 to 2022. The market in North America was the largest market, by value, for pump jack in 2016, driven largely by activities in the offshore industries of the U.S. and Canada. The offshore industries in these two regions, leads other regions in terms of well-development. Companies in the region are taking active steps in drilling, in onshore mature oil fields by low cost installation and ease of operation. The market in the U.S. Gulf of Mexico is the second largest market, closely behind Europe, with a large number of mature wells drilled by pump jack, each year.
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The leading players in the Pump Jack Market includes Schlumberger Limited (U.S.), Halliburton (U.S.), General Electric Oil & Gas (U.K.), Weatherford International, PLC (Switzerland), Dover Corporation (U.S.), and Borets International (U.A.E.), among others.